Northern Star Resources Limited (NST) Earnings Call Transcript & Summary

Ladies and gentlemen, it's my pleasure to welcome you to the Annual General Meeting of Shareholders of Northern Star Resources Limited. My name is Michael Chaney, and I'm the Chairman of your company. I begin today by acknowledging the traditional custodians of the land on which we are meeting and the Whadjuk Noongar people and pay my respects to their elders past, present and emerging. And I extend that respect to aboriginal and Torres Strait Islander peoples here today in person and online. Northern Star would also like to acknowledge and pay our respects to the traditional custodians upon whose lands our operations in Australia and in Alaska are situated. Northern Star seeks and values the guidance and input of these aboriginal groups in the operation of our businesses. And we acknowledge their strong and special physical and cultural connections to their ancestral lands on which we are privileged to operate. Well, as a quorum of members is present, and it's past the appointed time of 2:00 p.m., I now declare the meeting open. Before we proceed with the meeting, I have a couple of quick housekeeping points. And I'd appreciate, firstly, if all mobile phones could be turned to silent. Recording devices and cameras must not be used during the meeting. In the event of an emergency, please follow the exit signs. There's one there at the rear and the instructions of the staff. Now the agenda for today's meeting is as follows. Firstly, I'll make some introductions, and then we'll play an audio recording outlining how to vote and ask questions at this meeting. And then I'll present my Chairman's address. Following that, Stuart Tonkin, our Managing Director and CEO, will present his review of Northern Star's financial year 2023 activities and we'll then proceed to the formal business of the meeting. Following the conclusion of the meeting, I invite those shareholders here today to join me and my fellow directors for light refreshments outside. Now I'd like to introduce to you those seated with me today. Obviously, on my left, Stuart Tonkin, our Managing Director and CEO; and Sarah Reilly, who is Senior Legal Counsel and Joint Company Secretary, welcome Sarah. I'm also joined by my fellow nonexecutive directors in the audience who will stand up as their name is called. Firstly, John Fitzgerald, who's standing for reelection today. Nick Cernotta; Sally Langer, who is standing for reelection as well; John Richards; Sharon Walberton; and Marnie Finlayson. And also here today are members of Northern Star's senior management; Ryan Gurner, our Chief Financial Officer; Simon Jessop, Chief Operating Officer; Hilary Macdonald, Chief Legal Officer and Company Secretary; and Steve McClare, Chief Technical Officer. And I also welcome [ Angela McElroy ] and Dave Andrews representing the company's auditors, Deloitte, who will be available to answer any questions that you might have in relation to the annual accounts. Well, we're pleased that we can again host this AGM as a hybrid meeting. And I welcome all of our attendees who are here in person and also online via the virtual platform. Now if we experience any technical issues today, I may call a short recess or an adjournment. Voting on all resolutions will be conducted by way of poll, and I now declare the poll open. The results of the poll will be declared and released to the ASX later on today. We'll now listen to an audio recording, which explains how to vote and how to ask questions at today's meeting and instructions will also appear on the screen and in the slide show appearing on the virtual platform. [Presentation]

Well, I hope that was all clear. I'm just glad I didn't have to read it out. Well, after what's been a very -- it was a very challenging year in 2022 with skill shortages exacerbated by increased costs in the COVID-19 pandemic, we returned to a more normal operating environment in the '22, '23 year. The skill shortage situation moderated, but costs remained high for all resources companies and that continues to be the case in the current year. In spite of the challenges, Northern Star managed to finish the 2023 year within guidance on production and within revised cost guidance. Cash earnings rose 16% to AUD 1.2 billion after tax and dividends per share increased 23% to AUD 0.262, reflecting the group's very strong cash flow. This gratifying result was achieved through the great dedication of our entire workforce. And on behalf of the Board, I thank them all for their efforts. The company completed the year with a very strong balance sheet with net cash of AUD 362 million. And in August last year, we announced a share buyback of up to AUD 300 million, of which AUD 169 million has been completed to date. The Board considers this a very efficient way of deploying excess capital, and it really does reflect our strong focus on achieving superior shareholder returns. As described in the annual report, we were pleased to achieve three investment-grade credit ratings during the year from Moody's, S&P and Fitch. And in April, following that, we issued USD 600 million worth of 10-year senior guaranteed notes at an interest rate of 6.125% per annum. So that's a fixed interest rate for 10 years. I think that Northern Star's outperformance in recent times has continued to reflect the recognition that the company has many attractive features. We've got very high-quality assets that generate strong cash flows. We've got realistic growth opportunities and long mine lives. We've got a strong balance sheet, skilled, operational and entrepreneurial management and a highly skilled workforce. With regard to growth, two important milestones were achieved during the year. The mill expansion at Thunderbox was completed and the plant continued ramping up to its full 6 million tonnes per annum capacity. In June, the Board approved the final investment decision on the expansion of the Fimiston processing plant, which will increase its throughput from 13 million tonnes per annum to 27 million tonnes per annum by financial year 2029. That, of course, is the plant that's attached to the Super Pit at Kalgoorlie, that's a AUD 1.5 billion investment, and it will strengthen our portfolio and lower our costs and materially increase our free cash flow. The challenge for us is really to make the most of the opportunities that we have to execute well and to achieve the ambitious goals that have been set. Importantly, those goals include commitments regarding emissions reductions and social investment as detailed in our annual and sustainability reports. With regard to your Board, we are very pleased to welcome Marnie Finlayson as a director during the year. Marnie came up for ratification by the shareholders at the last AGM. John Fitzgerald will have completed 11 years on the Board this year, but we were very pleased that he accepted our invitation to stand for a final term given his significant expertise and contribution to the company. Sally Langer also joins me for reelection today. In closing, may I thank my fellow directors for their continuing dedication to the company's interests and once again acknowledge the substantial efforts of our management team. I now invite Stuart Tonkin to address the meeting.

Thank you, Chairman. And look, I'd also like to commence with echoing Mike's comments in regard to the enormous efforts and the gratitude that the Board and management have for the teams, on their operations that are out of the sites doing the work. Enormous amount of challenges in front of us, but a fantastic effort and insurance throughout the period to really improve on and enhance your company, Northern Star Resources. So today, I'd just like to start reminding us -- and this presentation will be published on the ASX for anyone to download just to remind us what we have achieved, what we've built and where you are positioned as owners of Northern Star Resources. We are now the largest ASX-listed gold producer. We are generating -- we're top 10 global gold producer, we're significant in that space. We do that simply with the three key assets that have been invested in and renovated and made efficient and extended the lives at these three simplified assets, we do that in two very stable jurisdictions of Australia and the U.S.A., in Alaska, and we do that with one commodity: Gold. And don't underestimate -- we talk about the simplicity and the lower risk. We are very focused and disciplined and deliberate in where we operate and what we do and how we deliver superior returns and focus on that. So we are motivated by that purpose to generate superior returns for shareholders. We continue to look through that lens and our strategy to deliver that. So I'd like to thank the team for continuing to build on this platform, and we are much stronger one year on, and very pleased to be presenting to you today. The gold price also is very strong. And I think that's been something that forecasters reliably get wrong, and it's something we don't rely on, but it is something that you have great exposure to and leverage to that strong gold price that's currently been enjoyed. The highlights Mike had spoken about, just to recap on a couple of those, we generated over or mined and produced and sold over 1.5 million ounces, which effectively generated over AUD 1.5 billion of underlying EBITDA and with that cash generation from the business, it enables all of the things that a sensible, mature business can deliver. So not only is it investing in our future through growth capital, extending our mine lives, we also feed our exploration budgets to keep extending that resource base, which is well over 50 million ounces and reserves of over 20 million ounces. It gives us great stability, longevity and ability to look at these larger term, high-return investments such as the Fimiston mill expansion. The buyback, again, in use of that surplus cash that we have, we're in a net cash position at the end of the year, AUD 362 million unique in our space to have that net cash position and the strength of balance sheet to make those investments. And the buyback is another great capital return recognized to shareholders in that regard as well as AUD 290 million of dividend paid out throughout the 12 months to shareholders. All great signs of a very healthy business. It doesn't stop there, we're halfway through our 5-year strategic plan and the key elements that are in that still to come are really exciting. We've broken the back of a lot of the early investment and efforts to get the assets expanded and/or the mining fleets commissioned and the activity happening. And really in the final part of the leg in the next couple of years is really a lot of the material movement in the super pit to get back to that high-grade pit floor that I guess was abandoned in 2018. And what we saw is the prize to get back in to renovate and rectify that to get into that grade. So we're really excited about the position we are presently in to deliver the growth from the super pit over the next couple of years, also surrounded by the strong activity of our Kalgoorlie operations, Carosue Dam, [indiscernible] and the South Kalgoorlie operations. To the north, Jundee and Yandal belt, Jundee and our Thunderbox operations as well as our Alaskan operations, which is now generating a very strong U.S. dollar cash flow. So the growth plan exists. What you're seeing on the page effectively is to deliver us to 2 million ounces in the back end of 2 years and Fimiston mill expansion comes on top of that. So we're very good at capital management and at recycling capital to focus on the highest returns for shareholders. And as you've seen in the track record of the business disciplined capital allocators and thinking through that lens of financial returns. So we're not -- mining is how we do it and focusing on the performance. And finally, just the future is bright. We're a stronger business today. We've got a great horizon in front of us and huge organic opportunities to continue to extend and deliver those superior returns. So with that, I'd like to just thank our team, thank shareholders and stakeholders for your continued involvement and support and really pleased to be here presenting on the company today at our AGM. Thank you very much.

Well, thanks, Stuart. We'll now move to the formal business of the meeting. Firstly, I confirm that the minutes of the Annual General Meeting held on the 16th of November last year, have been approved and signed by me as Chairman as a true record of the meeting. The proxy votes that have been submitted in advance of the meeting will be set out on the slide shown for each resolution. And I'll be providing details of the percentage of valid votes cast in favor of each resolution for the benefit of those who are listening to this meeting through the telephone line and can't see the screen, obviously. As I mentioned earlier, the final results of the poll on each resolution will be made available on the ASX company announcements platform and also on the Northern Star website later on today. The notice of the 2023 Annual General Meeting dated 4 October 2023, has probably been dispatched to shareholders, and I'll take that notice as read. We'll now proceed with the formal items of the business in the order that they appear in the notice of meeting. For each item of business, we'll display the wording of the relevant resolution on the slides. And for those attending via the telephone, please refer to the notice of meeting. I'll mention briefly what the resolution is about. The first item of business is to receive and consider the company's annual report for the year ended 30 June 2023, which was released on the 24th of August this year. The annual report this year contains the financial report, the director's report and the independent auditor's report and is available on the company's website. A hard copy was also sent to those shareholders who had requested it. Are there any questions in relation to the accounts? Yes. So if you have a question, put your hand up and an attendant will come to you with a microphone and announce, please tell the attendant your name and the fact that you're a shareholder and so on, and they will announce you.

The question is concerning the accounts as we have up there. And the issue is I asked a question about donations and there's a small donation made to the voice by the company. I don't, in any way, criticize the company for doing that. But what I would like to know is why it wasn't disclosed by the company until I asked the question.

Stuart, you'd like -- like to talk about that?

Thanks, David. So with regard to voice, the company is very supportive and we were happy to donate towards the yes campaign for the voice. And that is absolutely in the company's interest. It is very important in regard to the stakeholders in which all of our operations are situated, and we reliably talk with and consult with our traditional owners on the lands in which we operate. So it was a -- we see it not as a political matter, but certainly as a social matter, and the donation was put in that regard. As far as disclosures, we just adhere to the normal disclosures that we do for all of those. So you'll see our sustainability reports and the like, sponsorship donation split out in those regards. And if you look at education, health, indigenous advancement [indiscernible] so that's how we would typically disclose these things.

[indiscernible].

Yes. There will be a disclosure in the normal course under the AEC rules as well, probably in the new year, I think. Any other questions on the accounts? All right. Well, are there any online questions or questions on the telephone?

We have no online questions at this time.

Okay, fine. If there aren't any further questions, I hereby table the accounts. And we'll now move on to the 9 resolutions of the meeting, on which you're entitled to vote. Resolution 1 is a vote on the company's remuneration report, which is detailed in the 2023 annual report, and that describes the company's approach to key management personnel remuneration, and I'll take that report as read. In the Corporations Act, this resolution is advisory only and doesn't bind the directors of the company and noting that each director whose remuneration is included in the remuneration report has a personal interest in their own remuneration from the company. And so the directors aren't permitted to vote on this resolution. The Board unanimously recommends shareholders vote in favor of adopting the remuneration report. So Resolution 1 now appears before me, this is the adoption of the remuneration report. And valid votes that have been received on this resolution are displayed on the slide. And for the benefit of those who are listening on the phone, there were 93.2% of proxy votes in favor of Resolution 1. So are there any questions on Resolution 1? David?

I have 2 questions, but I'll put them one by one.

Actually, you could put them both together.

Okay. Right. The first question is concerning the retention rights, which were in the current LTIs. And I just want to know how the important retention rights were done to proceed into the future in the sense that I saw that as a temporary measure, which it may or may not be, but I wanted to know a little bit more about where it was intended to go. The second question is concerning the net profit, which was AUD 500-something million, was considerably assisted by the write-back of AUD 473 million from the stockpiles. Without that, it would have been a severe reduction in the ongoing profit impact. And I just wondered how you justified the purchase buyback of shares when you've got a considerable investment coming up on the cargo expansion. And it's really how that all reconciled because I guess I'm conservative and I like to think I hold the money until I've actually gotten through with my investment rather than putting on something that is voluntary.

Yes. Well, thanks for those questions. On the retention rates, that was a one-off. So what we're reporting now is just another year down the track. And for those who don't recall, we identified a number of people in the group that we couldn't, we felt we really didn't want to lose over the next few years. And it was a time when there was a lot of swapping going on, people being attracted by other companies. And so we introduced a scheme that provided incentives if they stayed for the next 3 years. And the answer is it's worked. We have had one of those people leave for another job, but the others are still with us, and we've retained really valuable resources. We haven't had any discussions about any additional retention schemes in answer to your question. So it was just that one-off. With regard to the second question, you referred to the net profit, which is net profit after tax. For a company like Northern Star, the first thing I'd say is it's not a very relevant measure because after the merger, we have huge amortization really of the reserves and the assets that we bought. And so we introduced a measure called cash earnings, which is EBITDA, earnings before interest, tax, depreciation, amortization, less tax, less interest, and that is cash earnings, and that's about -- that was about AUD 1.2 billion for the year. So the AUD 400 million that you mentioned is an accounting entry that in proportion to the AUD 1.2 billion is obviously much smaller than in proportionate to the NPAT, but it's a noncash item. And so when you go to your question about buying back shares and paying dividends and so on, the driver when you're deciding to pay a dividend is really have you got -- should you take on debt to do it, for example, what you start with is we have a balance sheet. We want to make sure it's structured efficiently and we want to fit within our ratings agencies, measures, KPIs, that sort of thing. And you then make decisions on paying dividends or buying back shares and buying back shares, you do when you think it's a very good investment. It's the best investment you can find around the place, and it enhances shareholders' wealth because generally, your share price goes up as a result, and you have less shares on issue for the same or similar profits. So it's very much a question of capital management in the group. And the bottom line is this, we've got huge Fimiston expansion expenditure coming up, and we're in the middle of it. But as we project our cash flows over the next 5 years, we can easily accommodate it with the sort of dividends we're paying and hopefully, higher dividends and without incurring very much debt or net debt and so we're in -- it just sort of reinforces the fact we're in a really strong financial position with strong cash flows, and we can easily afford to do the sort of share buyback that we announced or to pay the sort of dividends that we've paid. Are there any other questions on this remuneration resolution? Okay. Any online or on the phone, Sarah?

There are no online questions.

And there's a moderator looking for, I think, online or on the phone questions. Any questions back there, Hilary?

[indiscernible].

Okay. Good, if there are no questions, please cast your votes now for resolution 1. Resolution 2 proposes to refresh the approval of company's financial year 2020 share plan. And the wording of Resolution 2 and the valid proxies received are shown up there. And for the benefit of those listening on the phone, 99% of the proxies have been cast in favor of this resolution. Are there any questions on Resolution 2? Yes, David?

Yes. The question really is concerning the incentives that are there. One of the issues, as I see it, is that last year's production, how you just roped in at the low threshold of guidance and indeed the all-in sustaining costs weren't that encouraging either. And there's been a history to some extent, over the years of an increasing all-in sustaining costs. It just seemed to me that the incentives that were there possibly had two lower thresholds. And since I would like to have seen a rather strict threshold on those incentives to make sure that the KMP [indiscernible] were very well incentivized to obtain the expansion that you see in the future and particularly accessing that you are at the Kalgoorlie sites, which is vital to our future.

Yes. I could -- I think I could understand your concern if those incentives had actually paid out. They didn't and so I don't think you can call them too soft. We achieved our guidance on production and our revised cost guidance and the executives received only a total of 39% of the maximum in their incentive payments. So we set them at levels we think are challenging. I mean, it's -- in the current environment, for example, with high cost, it is very challenging both to meet your production guidance with skill shortages and so on and to meet your cost guidance. And so the board takes it very seriously. The remuneration committee chaired by Nick has a really good look at these ranges and says, do we think if these are achieved, management deserve to be rewarded and we do. Are there any other questions on this item? Any online?

No online questions.

And any on the phone, Hilary?

No questions.

No questions. Okay, fine. Well, please submit your votes on Resolution 2. Resolution 3 is to approve the financial year '24 long-term incentive grant to Stuart Tonkin. And the wording of that resolution is up on the screen. And the proxy votes received are on the slide and for the benefit of those on the phone, 98.4% of proxy votes are in favor of this resolution. Are there any questions on this one? Are there any online questions?

There are no online questions at this time.

And any on the phone?

None.

None. Okay. So please submit your votes for resolution 3 now. Resolution 4 is to approve the short-term incentive grant to Stuart for financial year '24. And the wording of that, again, is up here. And as you can see, those who are here the votes in favor are 99.2%. Are there any questions on this resolution? Online?

No online questions on this resolution.

No? And none on the phone?

No.

Was that a no Hilary? Okay. Fine. So please submit your votes for resolution 4. Voting will remain open until the end of the formal business. And shareholders are reminded they can cast their vote and at any time and submit them at any time. You can do it in person by completing a paper voting card and placing it in the ballot box, which was going to be circulating the room or as you saw in the video via the online platform via an electronic voting card. So resolution 5 is a proposal for my reelection as a director and Chairman of the company. And because that concerns me, I'll hand the meeting over to an independent Non-Executive Director, John Richards, to share the meeting for the purposes of this resolution.

Thank you, Michael. Resolution 5 and the valid proxy votes received in relation to Resolution 5 are now shown on the screen. For the benefit of those listening on the telephone, 97.8% of proxies were cast in favor of Resolution 5. I'd now like to invite the Chairman, Mr. Chaney, to speak briefly to the resolution proposing his reelection as a director.

Thanks,. I'll do it from here if you'd like. I've been a director since mid-2021 and absolutely delighted to be Chairman of what I think is a really great company. I started my career as a geologist, I graduated in 1971, and I worked as a geologist, albeit in the oil and gas industry for 8 years. And I then did an MBA and worked in investment banking, eventually joined Wesfarmers in administration. I see one of my old colleagues, Clive, sitting down there and became Finance Director and Managing Director for 13 years, and I retired in 2005, 10 years later, I came back as Chairman of Wesfarmers and in the meantime, I've been a Director of BHP and Chairman of National Australia Bank in Woodside and Chairman of various other not-for-profit organizations. As I said, really pleased to be Chairman of this company. It's a highly professional, really competant management group. And as we both described a bit earlier, has terrific prospects, and I look forward to continuing as Chairman for Ireland and to your support. Thank you.

Thank you, Michael. Are there any questions in relation to Resolution 5? No? Are there any online questions?

There are no online questions.

Thank you, Sarah. Hilary any phone questions?

No phone questions.

No phone questions. Thank you. As there are no further questions, please submit your votes for Resolution 5 now. And I will now hand the meeting back to the Chairman.

Thanks very much, John. Resolution 6 is for the reelection of John Fitzgerald, and the wording of that resolution and the valid proxy votes are shown there. For those on the phone, 92.9% of proxies were cast in favor of Resolution 6. So John, I invite you to come and say a few words.

Thanks, Michael, and good afternoon. As Michael mentioned earlier, I've been serving on this board for 11 years, which has been a great privilege, and I'm seeking one final term. Over that 11 years, the company, the Board and even my role have changed significantly. When I joined back in 2012, we had -- we were producing from [ Paulsons ] and had some exploration ground. We've obviously grown into a significant gold producer over that period of time and now have a great portfolio of assets with really good growth prospects. The Board also has evolved and matured significantly over that period, and I now believe that we have a very professional, capable and diverse board, and it's an absolute privilege to work with them. Even my role has changed a fair bit as well too, though, through that period, I maintain my role as Head of the Audit and Risk Committee, which I very much enjoy. I've also been on the remuneration, which is now the people and culture committee during that period. One of the better things I did in my career here was handball the Chair of that committee to Nick, it's probably my biggest achievement of 11 years at Northern Star. Thanks, Nick, who's doing a very, very good job of that committee. I've got a mining finance background, which has also given me a chance to work with Ryan and the crew in relation to some of the finance initiatives we've had over the last few years and particularly pleased to see us go to the U.S. bond market successfully earlier this year. That was a great achievement for the team. So I'm very much looking forward to the last 3-year term on this board. I think we've a lot -- still a lot to achieve, a lot in front of us, and I thank you for your support.

Well, thanks, John. Are there any questions on this resolution? Any online?

No online questions.

Or telephone?

No phone questions.

None. Okay. Well, please submit your votes for resolution 6. Resolution 7 is for the reelection of Sally Langer, and the wording of that resolution is on the screen. And as you see, there were 97.6% of proxies in favor of Resolution 7. So I'd like to invite Sally to come up and speak briefly to you about her qualifications. Thank you.

Thanks, Mike. Firstly, thank you all for coming, and thank you for the opportunity to introduce myself. So I'm Perth-born and bred, I'm a chartered accountant after studying Bcom at UWA. I've spent nearly 30 years now in and around the mining industry. And the last two decades before becoming a Ned, I was involved in a professional service firm assisting clients, think about key hire, succession planning leadership and RAM. I actually joined the Board of Saracen in 2020, and was lucky enough to come across post-merger onto the Northern Star Board. And I'm currently a member of the Audit and Risk and People and Culture Committee and for the last 12 months, I have chaired our environment, social and Safety Committee. I sit on a number of other boards, including Sandfire, MMA Offshore, the Perth Mint, Federation Mining, Ronald McDonald House Charities and Hail School. And I'd just like to finish by saying I feel very privileged to be involved with Northern Star. I would echo John Fitzgerald's view that the Board has evolved over the last couple of years, particularly under new leadership. And I feel very strongly about continuing the work that I feel very passionate about in terms of sustainability, culture leadership and governance. Thank you.

Thanks very much, Sally. Are there any questions in relation to Resolution 7? Any online questions?

No online questions.

And any telephone questions?

No telephone questions.

Okay. Thank you. So please cast your votes on this resolution. Resolution 8 is to approve the new company constitution and the wording of that resolution is up on the screen and 99.95% of proxies have been cast in favor. Are there any questions on this resolution? This is really just to modernize the constitution, and bring it into line with most other listed companies. Are there any online questions?

None online.

And?

No telephone.

No telephone. So please cast your vote for resolution 8 now. And now I'll move to the final resolution, Resolution 9. And a reminder, please, to submit your votes as the poll will be closed at the conclusion of the meeting, at least of the formal business. This is to approve the proportional takeover provisions in the company's constitution. The wording of the resolution and the proxies have shown up there and 99.9% of the proxies are cast in favor. Are there any questions on this? Sarah?

None.

None. And Hilary? Nothing there, okay, fine. Well, look, please submit your votes on that and on all 9 resolutions now. So now that we've gone through that formal business, I invite any general business questions that any of you might have. Are there any online questions, Sarah?

None, Mr. Chairman.

And Hilary, have any come through on the phone?

Nothing on the phone.

Okay. So we have one question.

Mr. Chair, I have Joe [indiscernible] would like to ask the question.

Just -- I go to probably -- the issue of the short-term shares and long-term shares, where are these shares coming from, will they be printed? Like diluted? Or will you buy and then present to the recipients?

It varies according to the conditions at the time. But if we feel that we would like to preserve our liquidity, we would issue shares if we feel that it's better to buy them on market, we would do that. So it's a decision of the Board at the time.

[indiscernible] rather intuitive then that you think that you're using a buyback and then you reissue new shares?

Well, yes, they are two quite separate things. And so yes, I mean, the buyback is really, as I said earlier, an independent decision about the value of the company shares about surplus liquidity in the company and so on and the benefit to shareholders, the issue of shares to employees is quite separate. It's an incentive plan that ensures that employees are aligned with the shareholder body generally. And so that we come to the right decisions that involve creating shareholder wealth. Any other questions?

None present online, Mr. Chairman.

None online. And Hilary, there is one back there I see.

No phone questions.

No phone questions. So I can't see what's being held up there. The ballot box -- there's a ballot box coming down. Please make sure you put your votes in. So we'll just wait a few minutes until all of those have been collected. And there are no spare ballot papers hanging around on the back table there, Hilary? I just wanted to make sure that all the ones you read about up there were in a ballot box somewhere. Okay. Well, if there aren't any additional question that concludes the business of the meeting. And I declare that all resolutions have been passed. And as I said earlier, an announcement containing the final voting results will be on the ASX company announcements platform and on the company's website. So thank you all very much for your attendance. We do appreciate very much the support of our shareholders and your participation today. And for those of you who are here in person, I invite you to come out and join the Board and management for some refreshments outside. And I thank everyone who's been joining us online and by telephone as well. Thank you.